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Activity: Real Life Scenarios

Activity: Real Life Scenarios. Overview: In this activity, you will be given a life to ‘play’ – just remember that in the real world you largely decide what life you will have. Determining Education & Training Level.

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Activity: Real Life Scenarios

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  1. Activity: Real Life Scenarios Overview: In this activity, you will be given a life to ‘play’ – just remember that in the real world you largely decide what life you will have

  2. Determining Education & Training Level • You are about to be put in a ‘box’ – in other words you’re going to be handed a future that isn’t necessarily yours • The purpose of this activity is to explore the idea to the right “Education level is directly proportional to your future earnings and lifestyle.”

  3. Monthly Budget Make sure you have a blank Monthly Budget Worksheet

  4. Directions • Fill in your name • Record your birth date • Add your birth month and birth day to get a number between 2 and 43 • Use the chart on the next slide to record your education level and monthly salary – This information is from the 2000 US Census

  5. Monthly Income

  6. Hourly Wages

  7. Healthcare costs are projected to increase 10-40% per year in the foreseeable future. Healthcare

  8. Utilities

  9. Communications Utilities

  10. Other Bills

  11. Add It Up Add up the amounts in your monthly expenses column and put the number in the “Total Expenses” Space

  12. Do the Math! Take your Monthly Income subtract your Total Expenses to find your Spendable Cash Income - Expense = Spendable $

  13. It’s Time to Shop! • Now you can begin shopping with what’s left over. • The next slides show different types of items you may want and some you need. • You must pick out a housing situation, clothing option, and a means of transportation – the rest is up to you and your budget

  14. Housing Share an apartment = $400 Share an apartment = $400 Rent an apartment = $700 Rent an apartment = $700 Buy a condo = $850 Buy a condo = $850 Buy a townhome = $1000

  15. Housing Buy a luxury home = $1500 Buy a house = $1200

  16. Transportation Choices • Depending on others • Taking the bus • Buying used car (+ insurance & fuel) • Buying used truck/suv (+ insurance & fuel) • Buying new car (+ insurance & fuel) • Buying a new truck/suv (+ insurance & fuel) • Buying a luxury automobile (+ insurance & fuel)

  17. Transportation Walking or Depending on Others = $0 Buy used car = $200 Using public transit = $50 Buy a used truck/suv = $250 Remember buying a vehicle means You are paying for the cost of the vehicle, Insurance and fuel every month.

  18. Transportation Buy a sedan/coupe = $300 Remember buying a vehicle means You are paying for the cost of the vehicle, Insurance and fuel every month. Buy a luxury car/sports car = $500 Buy a new truck/suv = $400

  19. Clothing Off Brand Clothing = $50 Designer Clothing = $200 Brand Name Clothing = $100

  20. Electronics Flat Screen HDTV = $100 Game System & On-Line Subscription = $50 Laptop Computer = $100 iPod with iTunes = $20

  21. Other Items Snowmobile or 4-Wheeler = $200 Camper = $300 Fast Food = $50 Fine Dining =$150

  22. More Items Gourmet Coffee =$50 Domestic Travel = $200 Foreign Travel = $400 Downhill Skiing = $50 Riverboat = $300

  23. Do the Math! Add up your Total Shopping Cost and make sure it is less than the Spendable Income figure – if it is not adjust it until you are at $0 or have some left in Savings When do you plan on retiring?

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